Mitsubishi Materials targets more mines to triple copper output by 2030

Mitsubishi Materials

16/02/2023 08:44

TOKYO, Feb 16 (Reuters) - Japan's Mitsubishi Materials
Corp  5711.T  aims to more than triple its copper concentrate
output through equity holdings by 2030, possibly through buying
stakes in early and mid-stage mining development projects, its
president said on Thursday.
    "We will be targeting projects that have considerably
progressed in terms of the development stage, and those that are
in the early stage," President Naoki Ono told a news conference,
when asked about investment plans for copper mines.
    Under a mid-term business plan unveiled last Friday, the
company plans to invest 250 billion yen ($1.9 billion) by 2030
in the resource recycling business which include copper mining
and smelting. 
    Mitsubishi Materials, which owns stakes in several copper
mines including Los Pelambres and Mantoverde in Chile, aims to
boost its copper concentrate production to 500,000 tonnes a year
by fiscal 2030 from 150,000 tonnes now.
    Japan's third-biggest copper smelter also plans to expand
its smelting capacity in Japan by about 30% by 2030, Ono said.
    "We will also consider mergers and acquisitions in rare
earth and lithium-ion battery recycling," he said.
    ($1 = 133.9200 yen)
 (Reporting by Yuka Obayashi; editing by Jason Neely)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))